A nationwide resource tax to be rolled out in China beginning Nov. 1 is expected to cost...

|By:, SA News Editor

A nationwide resource tax to be rolled out in China beginning Nov. 1 is expected to cost PetroChina (PTR), Cnooc (CEO), and Sinopec (SNP) about $7B - nearly 12% of its profits - over the next year. Foreign firms like Shell (RDS.A), Conoco (COP), and BP will be affected as the resource tax will replace the current royalty-based system.